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FOREX Technical Analysis: EUR/USD 13250 Continues to Thwart Bears

FOREX Technical Analysis: EUR/USD 13250 Continues to Thwart Bears

2013-01-23 21:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_eur-usd_body_eurusd.png, FOREX Technical Analysis: EUR/USD 13250 Continues to Thwart Bears

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The EURUSD has traded sideways since 1/14 and continues to respect 13250 as an area of support. Trendline support turned resistance may serve as support once more. The 20 day average comes into play on a drop below 13250. “A yearlong bottoming pattern has been confirmed as complete and the first EURUSD objective isn’t until above 13800 (61.8% of decline from 2011 high and where the rally from the 2012 low would consist of 2 equal legs).”

FOREX Trading Strategy: Given the significance of the longer term bottoming pattern, I’m willing to stay bullish as long as price is above 13100. Any entries will be posted on Twitter @JamieSaettele.

LEVELS: 13152 13200 1325013371 1340313485

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